Australian shares experienced a sharp decline, hitting a six-month low near midday AEDT. The market downturn was broad, with gold miners particularly affected. Bucking the trend, WiseTech Global saw its shares soar. WiseTech Global is a logistics software company that provides solutions to manage the movement of goods and information across the global supply chain.
In corporate news, Treasurer Jim Chalmers blocked a $672 million takeover of Mayne Pharma by an American suitor, citing national interest concerns. Chalmers indicated that forcing the drug manufacturer’s suitor to maintain or sell a key factory would not alleviate his concerns regarding the deal. Mayne Pharma is a specialty pharmaceutical company focused on developing and marketing branded and generic products.
Elsewhere, tensions are rising between US farmers and Australia, with American sheep farmers seeking tariffs on $1.4 billion in annual Australian imports. Industry Minister Ayres hinted at the introduction of a gas reservation policy targeting a ‘Goldilocks amount’ of the fossil fuel. In other news, Kellie Sloane was elected unopposed as the new NSW Liberal leader, marking the first time the state branch has an all-female leadership team.
